Pandox’s role in a sustainable world
Despite a global pandemic where Pandox was in the eye of the storm, we showed determination during the year in reaching our long-term goal: to offer sustainable hotel properties to our tenants.
As a leading hotel property owner, Pandox has significant opportunities to influence how our properties are renovated, developed and, to some extent, operated in a climatesmart and resource efficient way. This enables us to contribute to the UN Sustainable Development Goals. This is particularly important for us and other businesses in the property industry, because the sector
accounts for 36 percent of energy consumption and greenhouse gas emissions in Europe. The energy requirements are expected to escalate unless the transition to greater resource efficiency is speeded up.
Organised to accelerate
To create meaningful results, a greater understanding of these issues is needed within the organisation. A genuine commitment and focus are required from the Board of Directors and executive management. It also calls for an agile organisation that is able to manage and make progress on this using the right expertise, systems and processes. Since 2018 Pandox has worked in a more structured way with sustainability. Now, we therefore have both the right resources and
focus to address issues at an accelerated pace. With reliable data and the right priorities, monitoring processes and communication, we can address the climate challenges in an entirely different way than before.
Sustainability affects everyone
Sustainability directly and indirectly affects all Pandox employees. Examples of this are business ethics, diversity and inclusion in the workplace, human rights, supply chain transparency when contracts are signed, compliance, and awareness of resource effiency and productivity in actions related to energy and water. This is not about checking a box on a list, but rather an approach
that starts and ends with each individual.
The politicians are increasingly driving sustainability issues. The upcoming EU Taxonomy Regulation is a good example. Pandox will be subject to the taxonomy. In 2020 we invited our largest shareholders for a dialogue and started a process in order to report relevant information in the next Sustainability Report in 2021.
During the pandemic, when occupancy at Pandox’s 156 hotels fell dramatically, the importance of having control and operating properties resource efficiently became even more clear. We are therefore firmly committed to our green investment programme, even though some of the more capital intensive investments have been postponed for one or two quarters. In the properties where the rollout of our green investment programme has begun, we were able to use climate-smart solutions to adapt energy consumption in real time to match actual needs – a process we will continue in the years ahead.
Focus on green leases
Going forward, one of our main priorities will be to sign green leases with our tenants
in the Property Management segment. This was put on hold during the pandemic when
the focus was on other issues. We need to work together to identify new proactive
steps to ensure that our properties and their operation are sustainable and well-equipped
for the climate transition, to increase our competitiveness and to promote investments that drive cash flow and provide a good return.
Stockholm, March 2021
Read more about Pandox hotel properties and our two business segments Property management and Operator activities.
Pandox five focus areas
Pandox’s ambition to offer its tenants sustainable properties contributes to the UN Sustainable Development Goals, to reduce climate impact from operations and to manage risks related to climate change. In 2020 Pandox reviewed its relevant topics in sustainability, dividing them into five focus areas.